found a recipe for a homemade balm...

Witch hazel (2 oz)
Aloe vera gel (1 oz)
Drop of tea tree oil, and a couple of drops of Vitamin E oil.

Thinking of whipping this up, but is it at all moisturizing like your typical lotion-y ready-made balm? Also, what are the purposes of the tea tree and Vitamin E oil?

Tea tree oil is that it is active against all three varieties of infectious organisms: Bacteria Fungi and Viruses.

Vitamin E acts as a powerful antioxidant by neutralizing free radicals in the body that cause tissue and cellular damage. Vitamin E also contributes to a healthy circulatory system and aids in proper blood clotting and improves wound healing.

Not certain if that recipe would be more like a tonic, or thick, that would depend on the aloe vera used.

I use a mixture of 1 part glycerin,2 part aloe, 5 part witch hazel with tea tree, peppermint, and lavender essential oils. It is quite thin and pourable. However, shake each time you use because not all the molecules stay in suspension.

I'm making my own preshave oil, so I may graduate to homemade ASB

I'm pretty sure the primary use of the Vitamin E here is as a preservative.